The Pound to Euro exchange rate remained steady at €1.1628 on Monday, with the Pound showing resilience after stronger-than-expected UK GDP growth in the first quarter of 2024. This positive data helped boost investor confidence in the UK economy.
On the other hand, the Euro struggled on Monday due to a lack of new data releases and concerns from the Organisation for Economic Co-operation and Development (OECD) about the Eurozone’s economic outlook. The OECD called for more action from the European Central Bank to stimulate economic growth and inflation.
Looking ahead, the UK is set to release employment data, with forecasts indicating a potential rise in unemployment rates. This could lead to speculation about a Bank of England interest rate cut. Meanwhile, Germany’s ZEW economic sentiment index is expected to show continued improvement, which could support the Euro against other currencies.
Overall, uncertainty and economic concerns are impacting the Pound Euro exchange rate, with both currencies facing challenges in the current market environment.